A fast charging EV startup is filing for bankruptcy protection amid broader disruption across the electric vehicle industry. San Francisco-based Ample filed for Chapter 11 bankruptcy this week, citing a “deteriorating commercial and capital environment,” regulatory delays, and liquidity challenges, according to a filing.
Although the broader political and economic environment in the U.S. has certainly proven difficult for the EV industry, other failed battery swapping concepts hint there may be other factors at play in Ample’s demise, Electrek reported.
Ample was founded in 2014 with a goal of “solving slow charging times and infrastructure incompatibility” for commercial EV fleets such as those in logistics, ride-hailing, and delivery, the filing states. To-date, Ample has raised more than $330 million across five rounds of funding to finance research and development and deployment. Rather than tackling fast charging, its strategy involved developing “fully autonomous modular battery swapping,” capable of delivering a fully charged battery in just five minutes. The technology requires purpose-built “Ample stations” that look a little like carwashes. A car is guided into the bay and elevated on a platform. A robot then identifies the location of a car’s battery module, removes it, and replaces it with a charged module, Canary Media reported.
The company also boasts partnerships with Uber, Mitsubishi, and Stellantis, and notes it has deployed its technology—or is pursuing deployment—in San Francisco, Madrid and Tokyo. Even so, it ran up against funding issues.
In its filing, Ample attributed its bankruptcy to macroeconomic and industry headwinds, such as “severe supply chain disruptions,” “contraction in both public and private investment in renewable energy” and the “reduction, delay, or redirection of government incentives intended to accelerate EV adoption.” The filing notes that regulatory and permitting delays slowed its launch in international markets, after which access to capital foiled its scaling efforts.
The company eliminated all but two full-time, non-executive employees after formerly employing about 200.
Ample did not respond to Inc.’s request for comment.
Chloe Aiello
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